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Grace Periods - Student Loans

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  • Grace Periods - Student Loans

    :salams:

    I know that interest is riba and it is haram, however, what if a school offers a grace period of 3 years after graduating/dropping out (interest-free debt for 3 years) and later starts charging interest? If this is my only option for Medical School and I will work my hardest and pay every penny I make to give back my debt, would that be halal?

    :jkk:

  • #2
    Re: Grace Periods - Student Loans

    There are two issues here :the interest and the rate which is to be charged after the grace period. The latter is not disclosed.

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    • #3
      Re: Grace Periods - Student Loans

      Originally posted by i.carrim View Post
      There are two issues here :the interest and the rate which is to be charged after the grace period. The latter is not disclosed.
      The amount matters? I thought it was the principle

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      • #4
        Re: Grace Periods - Student Loans

        The issues are certainly not relevant in a Shariah court but here we are in a forum.

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